Medtronic's quarterly profit rises 12.7%

GabrielMadway

SAN FRANCISCO (MarketWatch) - Medtronic Inc.
MDT, +0.13%
after Tuesday's closing bell reported fiscal first-quarter net earnings of $675 million, or 59 cents a share, up 12.7% from $599 million, or 51 cents a share, in the year-ago period. Excluding restructuring, certain litigation and purchased in-process research and development charges, the company posted a profit of 62 cents a share versus 55 cents a share last year. The Minneapolis-based medical device maker said revenue for the three months ended July 27 rose 7.9% to $3.13 billion from $2.9 billion in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 62 cents on revenue of $3.17 billion.

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